ENG-1962 — Page 214

LAND AND HOUSING

173

Agreement was completed with the War Department for the phased surrender of Whitfield Barracks in return for reprovisioning the military establishments in more outlying districts. Whitfield Barracks lies in the heart of the business and commercial centre of the Kowloon peninsula and will release valuable land for sale. Together with land made available by re-positioning the Kowloon railway terminal, and that reclaimed at Hung Hom east of Chatham Road, the surrendered land will enable the replanning of the Tsim Sha Tsui district to go ahead.

The acreage of land disposed of by private treaty for low-cost housing schemes, non-profit-making schools and other institutional purposes was similar to that granted in previous years. A number of new sites were reserved or allocated for resettlement estates and other Government projects. In addition to the expanded sale programme there was a further increase in the modification of existing leases to allow more intensive development and the re-grant of expired non-renewable 75-year leases continued at a greater rate.

In the New Territories, demand for land remained high. Due, however, to the shortage of suitable and accessible Crown land, development continued to proceed more by way of the surrender of privately held agricultural land in exchange for land in building status rather than by public auction. Land values in the New Territories are generally lower than those in the urban areas but show a tendency to increase. This is particularly true of low density residential sites for which there is a good demand.

Revenue from land transactions in Hong Kong, Kowloon and New Kowloon during the financial year 1961-2 came to $73,388,600 for sales by public auctions; $15,239,000 for private treaty sales; $11,328,600 for modifications of lease conditions, extensions and exchanges; and $2,844,300 for re-grants of expired 75-year leases. Where it is not possible to dispose of land immediately because public utilities and other services are not yet available or the site has been set aside for some future purpose, the land is rarely left vacant but may be occupied on a temporary annual permit. The 1961-2 revenue from these permits was $7,800,274 in the urban area and $710,425 in the New Territories. As permanent develop- ment has expanded, it has become necessary to cancel some of these permits and the number of permits in the urban area and in